• Binance is the world’s largest centralized crypto exchange, increasing its share of the business from 59.4% to 61.8%.
• Zero fee Bitcoin trading has been a significant contributing factor for Binance’s success.
• Despite global expansion efforts, FUD still surrounds the exchange as regulators increase scrutiny.
Binance Dominates Crypto Exchange Market
According to new data, Binance is the world’s largest centralized crypto exchange, with its share of the business increasing from 59.4% in January to 61.8% in February. This surge in spot volumes was largely attributed to Binance introducing zero-fee Bitcoin trading on 13 spots pairs back in July 2022.
Competitors Struggle To Keep Up
Despite this impressive growth, competitors are struggling to keep up with Coinbase seeing a 29% decrease in traded volume ($39.9 billion) and Kraken experiencing an 11% drop ($19.3 billion). OKX and Bybit followed behind with 14% and 13.3% market share respectively.
Zero Fee Trading Impactful
The introduction of zero-fee Bitcoin trading no doubt had a major impact on Binance’s success; since BTC represents a substantial portion of the crypto market’s trade volume, removing fees has had a huge effect on their dominance of spot trading volume market share across derivative exchanges grew to 62.9%, which is their highest monthly market share ever recorded for them.
Binance Intensifies Global Expansion
In spite of bear markets, Binance is intensifying its global expansion efforts by registering as a Financial Service Provider in New Zealand and other countries like South Korea and Japan resulting in an influx of new traders for the exchange hence enhancing its dominance in trading volume among others .